Business Analytics and Emerging Trends - Blockchain - Security blockchain
7 important questions on Business Analytics and Emerging Trends - Blockchain - Security blockchain
How does the security system of blockchain works?
What are digital signatures?
What is a verification function based on in bitcoin?
- Digitial signature
- Message
- Public key
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Why are blockchains immutable?
- Timestamp
- Blocknumber (length of blockchain)
- difficulty
- Hash (OID for block)
- Parent Hash (OID of block that came before)
- Transactions list
- Nonce (hash that proves block has gone through POW)
How can you try to add a fraudulent block to the blockchain?
What is a 51% attack?
What are 5 challenges for adoption of blockchain?
- Energy consumption: POW requires a lot of energy for computational power needed
- Criminal connection: Anonymous nature of system gives rise to criminal acitivities
- Regulation: Lack of regulations can cause feuds in future
- Privacy: In public ledger system private data can't be used
- Security: Security is lacking in many ways
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